A Houston reverse mortgage is available for any senior citizen who is sixty five years of age or above, retired and owns a house in Houston. The ownership of the property remains with the borrower even when the property has been mortgaged. Also, the property may be re-mortgaged if the reverse mortgage was the first loan of its kind against the property. The owner may even decide to sell off the house if he wants, provided the money from the sale is first used to repay the mortgage amount as a full and final settlement, before the owner can claim any money from the deal.
The loan amount on a Houston reverse mortgage can be given to the borrower either as a lump sum or as monthly installments, depending on his preference and requirement. Many senior citizens prefer to opt for the installment way of payment as it ensures a regular flow of income at the end of every month and can be utilized to fulfill the household monetary requirements. As more and more individuals are getting the benefits of a reverse mortgage loan the popularity of this form of loans is constantly on the rise.
